Comments on: Congrats: You Now Own AIG Insurance! Socialized Business Comes To America, Comrades

By: Ryan

Ryan — Mon, 15 Dec 2008 07:27:50 +0000

Yes, I also believe it has become commonplace to blame George Bush for everything. It really gets old after a while and our new president is going to have his work cut out for him. AIG definitely made some big mistakes with their holding company which made some very risky investments.

By: Phil

Phil — Fri, 19 Sep 2008 16:55:23 +0000

While your reserching Glass-Steagall make you also check out the Community Reinvestment Act. This made is what created the “subprime mortgage”. Democrats pushed for banks to lend to low income familys so that everyone (even those that couldnt afford it) could reach the american dream of owning a house. So, banks and lending institutions, afraid of being called racist for not lending to a black man with no money, assets or job, lent to poor communities. And the only way to make it profitable was to create the subprime mortgage.
The government got us into this mess so I guess it is only fitting that they (try to)get us out.

By: brian k

brian k — Fri, 19 Sep 2008 14:44:34 +0000

Precisely rehab702,
Research the Glass-Steagall Act of 1935. This act was repealed on November 12th, 1999 by Pres. Clinton. However, a Republican congress was in control. It took only 9 yrs to undo our country’s finances. What a cluster handed to us by our elected officials. Yes, wall st is part of it, but without the government gaurantee of monies wall st would not have been so careless so fast.

By: Rehab702

Rehab702 — Wed, 17 Sep 2008 15:23:42 +0000

“Of course, this now global economic mess was not really the result of some folks going belly up on their subprimes. The real cause is the absolute greed of the investment community which felt itself immune from reality after the virtual protection given it over the past seven years or so by the Bush administration.”

It has become very fashionable to blame George Bush for everything. “I stubbed my toe, that #@$%^ George Bush!!” And while he certainly deserves a lot of blame, people forget one major point. Much of this mess has occurred due to the lifting of Depression-era barriers between banks and investment firms. Had those barriers been left in place much of the current mess would never have happened. Those barriers were lifted in the late 1990s by Bill Clinton. Let’s keep our perspective here, there is a lot of blame to go around.

By: Lois

Lois — Wed, 17 Sep 2008 14:53:56 +0000

Social commerce? Market has no space for social things…

By: williambanzai7

williambanzai7 — Wed, 17 Sep 2008 14:49:42 +0000

“The Markets They Are A-Changin’”
(to the melody by Bob Dylan)

Come gather round ‘bankers’
Wherever you roam
And admit that the waters
Around you have grown
And accept it that soon
You’ll be told to go home
If your job to you
Is worth savin’
Then you better start swimmin’
Or you’ll sink like the DOW
For the markets they are a-changin’.

Come hedgefunds and bear traders
Who prophesize and sell short
And keep your eyes wide
The chance won’t come again
And don’t speak too soon
For the markets still in spin
And there’s no tellin’ who
That it’s namin’
For the markets they are a-changin’.

Come senators, congressmen
Please heed the call
Don’t stand in the doorway
Don’t block up the hall
For he that gets hurt
Will be he who has stalled
There’s financial meltdown outside
And it is ragin’
It’ll soon shake your windows
And rattle your walls
For the markets they are a-changin’.

Come Central Bankers
Throughout the land
And don’t criticize
What you can’t understand
Those derivative books
Are beyond your command
The old road is
Rapidly agin’
Please get out Bernanke and Paulsen
If you must bail them out out
For the markets they are a-changin’.